USD/JPY analysis: Found support below 109.00
|USD/JPY
During early Friday's trading hours, the USD/JPY shortly pierced the support of the 109.00 level and the 200-hour simple moving average. However, support was provided by the May 3 low level zone of 108.90/108.95.
By the middle of Friday's trading, the rate was fluctuating between the support of the 109.00 level and the 200-hour simple moving average and the resistance of the 55 and 100-hour simple moving averages near 109.25.
If the rate passes the resistance of the 55 and 100-hour simple moving average, the pair could reach for the resistance zone near the 109.50 mark. On the other hand, a potential decline below the 109.00 level and the 200-hour SMA would find support in the mentioned 108.90/108.95 zone.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.